Protea Fund - Crov A/  LU0471805621  /

The objective of this Sub-Fund is to achieve capital appreciation over the medium to long-term by investing its assets across all the asset classes based on a macro analysis. The Sub-Fund is actively managed. The Sub-Fund has no benchmark index and is not managed in reference to a benchmark index. The return of the product is determined using the Net Asset Value (the 'NAV') calculated by the Central Administration. This return depends mainly on the market value fluctuations of the underlying investments as described below. The Sub-Fund intends to invest mainly in - all kinds of securities, with fixed or variable income, including, but not limited to, equity, bonds (including but not limited to zerocoupon, indexed or convertible bonds), commodity related products (considered as eligible assets under the investment restrictions), - all kind of financial derivative instruments as described below - Money Market Instruments and - structured products (see details in the prospectus). The Sub-Fund may invest a maximum of 25% of its net assets in equities. The investment policy may be achieved indirectly via investments in other UCITS and/or UCIS.

The objective of this Sub-Fund is to achieve capital appreciation over the medium to long-term by investing its assets across all the asset classes based on a macro analysis. The Sub-Fund is actively managed. The Sub-Fund has no benchmark index and is not managed in reference to a benchmark index. The return of the product is determined using the Net Asset Value (the 'NAV') calculated by the Central Administration. This return depends mainly on the market value fluctuations of the underlying investments as described below.